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2025 Fiduciary Training 301 - Strategic Fiduciary Oversight for 401(K) Plans скачать в хорошем качестве

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2025 Fiduciary Training 301 - Strategic Fiduciary Oversight for 401(K) Plans
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2025 Fiduciary Training 301 - Strategic Fiduciary Oversight for 401(K) Plans

This webinar is presented by our advisor, Jenna Witherbee. It is the third of three in our 2025 Fiduciary Training series. Agenda - this consists of more advanced concepts for Retirement Plan Sponsors Brief Recap of 101 and 201 Investment Due Diligence at the Next Level Plan Design Strategy Insurance & Protection Layers Documentation & Fiduciary File Audit Readiness Cybersecurity Understanding Fiduciary Roles and Responsibilities -Fiduciaries are responsible for managing plans in the best interest of participants and beneficiaries. ​ -Key duties include managing plan expenses, ensuring diversification of investments, and adhering to plan documents -Fiduciaries must act with care, skill, prudence, and diligence Investment Policy Statement (IPS) Importance -The IPS outlines the investment strategy and guidelines for the retirement plan. ​ -It ensures compliance with ERISA Section 404(c) and provides participants with control over their investments ​ -The IPS includes provisions for a qualified default investment alternative (QDIA) to limit fiduciary liability Revenue Sharing and Fee Structures -Understanding fee structures is crucial for transparency and cost management in retirement plans -Revenue sharing involves using expense ratios that include fees for recordkeeping and advisory services -Zero revenue sharing funds provide greater transparency and are increasingly utilized in larger plans Plan Design Strategy for 401(k) Plans -A well-structured plan design can enhance employee benefits and support business goals. -Key elements include eligibility, employer contributions, distributions, and automatic features like auto-enrollment -The primary goal is to attract and retain talent while ensuring adequate retirement savings for employees​ Insurance and Protection Layers for Fiduciaries -Fiduciaries should consider insurance options to mitigate risks associated with plan management. -ERISA fidelity bonds are required to protect against employee fraud, covering 10% of plan assets up to $500,000 ​ -Fiduciary insurance is advisable but not mandatory, providing additional protection for plan administrators Documentation and Audit Readiness -Maintaining thorough documentation is essential for compliance and audit preparedness. -The fiduciary file should include plan documents, investment monitoring records, fee disclosures, and meeting minutes ​ -Regular audits by the DOL and IRS ensure compliance with ERISA and tax regulations Cybersecurity Considerations for Retirement Plans -Cybersecurity is a critical aspect of protecting participant data and plan integrity. -Due diligence on service providers and ongoing monitoring of cybersecurity practices are necessary -Documentation of cybersecurity measures is essential for compliance and risk management Optional Fiduciary Training and Credentials -Fiduciary Essentials® for Defined Contribution Plans offers additional training for fiduciaries. -The program includes three sessions, quizzes, and a course assessment to enhance fiduciary decision-making -Resources such as checklists and compliance calendars are provided to support fiduciaries Upcoming Webinars and Educational Opportunities We have 16 webinars scheduled for 2026. Our aim is to provide ongoing, relevant education for plan sponsors and participants. You may register for all of those trainings today by visiting our “On-Demand Education” tab at the top of our website. https://www.401kplanprofessionals.com...

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